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AP Microeconomics - Introduction to Factor Markets

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Define human capital as a factor of production.

Any skills or knowledge gained by a worker through education and experience

Describe the demand for labor.

The different quantities of workers that businesses are willing and able to hire at different wages

Describe the supply of labor.

The different quantities of individuals that are willing and able to sell their labor at different wages

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Institution Junior / 11th grade
Course Microeconomics

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5.1: Introduction to Factor Markets

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AP Microeconomics notes from Unit 5, Section 1: These notes cover the factors of production and the labor market.

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